Vijaya Bank Personal Loan Interest Rates
Vijaya Bank offers personal loans at very competitive interest rates to its customers. It is realised that the interest rates have reduced by 2 % in the past five to seven years. The recent changes made by RBI have again resulted in declining rates of interest. While the rates were 11.3 % to 12.3 % in 2010, the rates in 2015 were seen as 13.05 % - 14.05 %. Further rates have decreased as shown in the following table.
|
Particulars |
Salaried Individuals |
Pensioners Individuals |
|
Rate of interest |
MCLR for 1 Year + 4.25% = 12.9 % per annum. |
MCLR for 1 Year + 3.25 % = 11.9 % per annum. |
|
Loan Value |
Average salary value of 18 months up to Rs 6 lakhs. |
Average salary value of 18 months up to Rs 6 lakhs. |
|
Tenure of the loan |
Up to 60 months. |
Up to 60 months. |
|
Least EMI |
NA |
NA |
|
Processing Fee |
NA |
NA |
|
Age |
21 – 55 years At least 2 years of service should be left. |
Maximum 72 years by which the loans needs to be repaid. |
|
Prepayment or foreclosure fees |
NA |
Na |
Key points to remember about interest rates on Vijaya bank personal loans
- The interest rates shall be determined based on the repo rate of RBI. Thus, these rates are likely to come down, however, with no an immediate effect.
- If the interest rates are applied as floating charges, the rates shall not be fixed and will be applicable as per the lowest percentage prevailing in the market.
- To avail personal loans from Vijaya Bank, you will require a guarantor. The guarantor should have an impressive financial record with government security investments to get better interest rates.
- Vijaya bank considers the credit score as default. So, there is no impact on the interest rates based on the same.
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